Victoria home to most affordable suburbs in nation, says report

Victoria home to most affordable suburbs in nation, says report

The state of Victoria is home to some of the most affordable suburbs around the country, a recent report by CoreLogic has found.

Photo by Tom Rumble on Unsplash

The suburbs of Victoria, where houses are the most affordable in the country

If you're a first-home buyer, or simply a buyer on a budget, put Victoria right at the top of your list.

The southern state dominated the national list of the most affordable suburbs in the country in CoreLogic's Top Performing Suburbs Report, with 62 out of the top 100 suburbs located in the state.

Four of those suburbs were in the top five most affordable suburbs in Australia.

The most affordable suburb in Victoria, Coolaroo has the most consistent median growth value of $475,000, growing by 33 per cent over the last year and 64.2 per cent over the last three years, topping the charts for affordability.

"The price of housing in locations closer to Melbourne has meant that many prospective buyers have had to look further from the city to gain a foothold in the market.

"The abolition of stamp duty for first home buyers purchasing properties under the $600,000 threshold has also provided a boost for suburbs offering more affordable properties," Gil King, the CEO of the Real Estate Institute of Victoria (REIV) told WILLIAMS MEDIA.

2 Emu Court, Melton, one of the most affordable suburbs in Victoria. For sale through Aleksander Vangev and Menka Zdraveska of UPA Estate Agents with a price guide of $459,000 to $499,000 as featured on Thehomepage.com.au

“While a lot of the attention has been on the affordability of Tasmania, the Top Affordable Suburbs report shows that when you also take long term value growth into the equation, then Victoria has performed more strongly,” said Tim Lawless, Research Director at CoreLogic.

The top five most affordable suburbs in the country

Source: CoreLogic

The range of growth for 12 months performance in Victoria was between 33.4 per cent as the highest and 13.4 per cent at the lowest.

The range of median value growth in Victoria across 5 years in the under $500,000 market was 71.8 per cent and 15.7 per cent respectively.

Across the rest of the nation, Cooma was the top performing affordable suburb in NSW, ranked number 20 nationally with 12 month growth of 22 and a median value of $302,401.

24 Herbert Street, Dallas VIC, one of the most affordable suburbs in the state. For sale through John Pasceri and James Voltscos of Hockingstuart with a price guide of $560,000 to $610,000 as featured on Thehomepage.com.au

Meanwhile in Tasmania, Moonah was the top affordable growth suburb, where houses have a median value of $81,754 and a median value growth of 19.4 per cent.